Stop smoking, work harder, save more... The decisions British adults wish they'd made when they were younger

One in five British adults harbour serious regrets over past financial decisions, saying they would tell their younger selves to be smarter with their money if they had the chance.

A study by Legal and General found that 19 per cent of adults wish they had been better with their money when they were younger; the same amount said they regret not working harder at school.

Such financial and career concerns takes precedence even over health related regrets, with 15 per cent saying they'd tell their younger selves to stop smoking, and just nine per cent saying they'd take better care of themselves.

Any regrets: One in five adults wish they'd been more careful with their money when they were younger.

A similar survey last year by Standard Life found that 15 per cent of baby boomers were approaching retirement wishing they'd started their pension saving earlier.

This latest research shows that this savings regret is not just limited to baby boomers but to UK adults in general, though hopefully, at least where pensions are concerned, this will be mitigated for the next generation of young people by the introduction of automatic pension saving.

Paula Llewellyn, of Legal & General, said that while some may have regrets about how they spent their money, it's never too late to improve their situations.

She said: 'Looking back it's all too easy to think about what you could have or should have done differently in life. We hope to help people realise that making the right decisions today could help make life better.

'Nobody can predict what's going to happen, but small steps can be taken to safeguard your and your family's future.'

Just behind making smarter financial decisions and working harder at school in the table was not having the courage to do things that would make you happy, which 18 per cent of respondents cited as a regret.

Others said they wished they'd spent more time with their loved ones, not have worried about trivial matters, and pay more attention to their parents' advice.

I'M AMONG THOSE WITH FINANCIAL REGRETS

Adam Uren, of This is Money, says: I'm only 29 so I dare say I'm still at an age where I shouldn't really have many regrets, but that doesn't stop me.

For five years after I left university I failed to haul myself into the black, some of which can be attributed to debts I'd built up as a student, some down to a relatively low income, but also because I didn't know how to manage my money properly.

I was living well into my overdraft, didn't have a food budget, bought things I didn't need, didn't shop around for better deals on loans to buy my car, didn't know my credit score, and lived on my own rather than in shared accommodation.

Two years ago I got my act together and managed to wipe out my debts, helped in part by selling virtually everything I owned before moving to London - suggesting I had way too much to begin with - and have since become significantly more disciplined in my spending, allowing me to save a reasonable amount each month.

I know you learn from your mistakes, but I can't help regret I didn't learn more about personal finance when I first entered the working world. I didn't do research on websites like (shameless plug) This is Money, and I didn't sit down with my parents and ask them basic questions about household bills, getting loans, managing a budget etc.

Considering I'd just exited 22 years of a fairly coddled life it would surely have been the prudent thing to do. The only sensible thing I did was join my company pension at 24 and I can't tell you how glad I am I did.

I've got to the point in my life where I should be looking to get on the property ladder, but because of earlier mistakes I'm still some way off the money I would need for a deposit. It also meant that for much of those early working years, luxuries such as holidays were confined to trips back home.

Even more frustrating is that now I can actually save properly, it's at a time when we get naff all interest from the banks - talk about bad timing!

So for any students out there reading this: don't go nuts when you get your first pay-cheque (it's got to last you a month), pay off your debts as soon as possible, then start saving. It'll save you the frequent use of the phrases starting 'I wish I had' in the decades to come.

Loan payment calculator

Credit Card Reality Check Calculator

Your plastic debt

This calculator will show you just how long it's going to take you to clear your credit card balance if you don't wake up, face reality, stop paying the bare minimum and start clearing this punitive form of debt.

Your credit card balance:£

Interest rate:%

Monthly payment:£

Result

Number of monthly payments:

Clear your debt quickly

Now see how much you need to pay a month to clear your balance in the shortest possible time.